Blockchain
Intellabridge Technology Corporation Announces Official Launch of Kash
Menlo Park, California; Vancouver, British Columbia and Boulder, Colorado–(Newsfile Corp. – October 1, 2021) – Intellabridge Technology Corporation (CSE: INTL) (“Intellabridge”) today launched Kash, a global neo-banking platform powered by decentralized finance, pushing the boundaries of what’s possible in financial services.
Kash operates as a decentralized digital bank that brings secure financial blockchain solutions to the mainstream economy in a way that provides customers worldwide with financial independence, purchasing power, stability and security, setting a new standard for banking products and services.
Kash provides retail and business customers with financial solutions that include checking, savings, and investments as its core modules, and advanced technologies that innovatively enable real-time transaction settlement, improved accessibility, and lower fees compared to traditional financial products.
The Savings account is based on stablecoin currencies leveraging new DeFi money markets to provide a simple and secure way to save in US dollars and earn high-yield interest at a stable rate using Terra’s best-in-class blockchain technology.
The Checking account is designed to offer customers a seamless payment experience with lower transaction fees and instant settlement based on stablecoin smart contract technology. The Company built this module for any type of peer-to-peer payment such as remittance and e-commerce markets, facilitated through stablecoin payments, leveraging DeFi payment rails to provide faster and more secure transactions at a fraction of the cost with powerful savings for customers.
The Investment account, built on Terra’s Mirror protocol, which allows the creation of synthetic assets that track the price of real world assets, brings the world’s assets to the blockchain including traditional financial assets such as stocks, bonds, indexes, and investment funds, as well as physical assets, such as real estate, commodities, precious metals, art, and other illiquid assets. The objective is to reduce friction between geographical boundaries and eliminate the costs associated with intermediaries, as well as to improve asset liquidity, efficiency and accessibility through fractional ownership.
Kash is built on Web3, the next generation internet, which is more decentralized, verifiable, and secure, and gives users ownership and power over their identity, data, and transactions. Web3 decentralizes control of the internet, combining decentralized internet networks, secure computing, and autonomous intelligent software. Kash securely links people and data with cryptographic verifiability, transaction processing, P2P connectivity and trustless interoperability.
The launch of Kash adds even more power and capability for customers, with multiple new features since its Beta version was first released in June 2021, including 2FA security, improved accessibility for customers making it easier to move assets into the Kash platform from traditional financial institutions and other decentralized ecosystems like Ethereum. These powerful new gateways and simplified user experience redefine the value proposition for customers and help to make Kash one of the fastest growing fintech DeFi companies, recording customer growth rates exceeding the Company’s internal projections, with 22,000 customers and currently growing at a rate of more than 1,000 customers every day.
Based on valuable customer feedback and the Company’s strategic objectives, Intellabridge is planning to include the following features in the product pipeline: affiliate and referral marketing programs, gift cards with major retailers, localizing the product with additional languages and local market stablecoins, integrating new value-added protocols from the Terra ecosystem, launching Kash Treasury for businesses, savings vaults for better financial management, insurance options for customer protection, index products, new asset on-ramps and exchange, all designed to combine the full suite of traditional banking products and services powered by decentralized finance to customers.
“I started my career in fintech and capital markets several decades ago with the idea to make the financial system transparent, fair, and universally accessible,” explained Intellabridge CEO John Eagleton. “Today, I’m pleased to present Kash, a decentralized neo-banking platform built with the most advanced and consumer-oriented decentralized technologies. We are solving the problem of legacy banking built on payment rails which are slow and expensive. Neo-banks have done a good job of disrupting traditional banking by making the existing payment rails more efficient, but the best way to solve the legacy system is by replacing it with a better more secure technology which allows for payments at a fraction of the cost, features that encourage savings with high interest rates, and investment solutions accessible to anyone globally,”
To sign up for the Kash visit app.kash.io.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: INTL) (OTCQB: CRBTF) (FSE: 98AA) is a digital bank based on blockchain technologies that provides retail and institutional investors with access to decentralized financial applications with additional layers of cybersecurity and customer service. Intellabridge offers depositors self-custody services to empower them with complete transparency and control over their accounts through its institutional-grade platform. The Kash product features DeFi interest-bearing savings accounts, stablecoin checking, fiat-crypto on-ramps, synthetic stock, ETF and commodity investing, and other DeFi banking services, with plans to offer debit cards, virtual cards, Apple Pay, Google Pay in a growing number of markets globally.
The Kash platform is available on web and mobile at www.kash.io. For more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
“Maria Eagleton”
Maria Eagleton, COO
To contact Intellabridge:
Website: intellabridge.com
Phone: +1-303-800-5333
Email: [email protected]
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the word “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98227
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.
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